The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Forex earning calculator. You’ve heard it before I’m sure, but I’m going to say it again because it’s so true: If you keep doing what you’ve always done you will keep getting what you’ve always got. So, the question becomes, where are you now with your trading?
If you are not happy with your trading performance, then it’s time to do something different! We Think Like Hedge Funds, Regardless of Our Account Size I probably trade a much larger position size than most of you reading this right now, and I am not bragging at all. I am telling you that because I have been where you are at and after being there and moving to where I am now, I can tell you that account size simply doesn’t matter for the most part. But, before you can trade a big account profitably you have to trade a small account profitably, and it really is better you start on a small account first anyways. For this reason, I have written articles on how to be a contrarian trader, because I prefer to trade contrary to the herd in most cases.
How often do markets trend much further than you think they will? The market can stay irrational longer than you can stay solvent. We Don’t day trade Successful traders are rarely day traders. Most successful traders are what are known as swing or position traders, which basically means we hold positions for multiple days or even weeks, riding swings in the market and trying to profit on them. This is in stark contrast to a day trader who ducks in and out of the market multiple times on a day, trying to take tiny gains from each trade. We focus on the daily chart time frame as position traders because we know it’s the most important and lucrative time frame to trade.
I personally spend most of my chart time on the daily chart, second is the weekly and third is the 4 hour, occasionally, I look at the 1 hour but never do I below that. In the chart below, notice on the left we have a 15-minute chart vs. This is the same market, the EURUSD. 15-minute chart which is showing you a few days.